Online gambling tax bill still stuck in committee

A Congressional bill that could raise billions of dollars in state and federal revenues through the taxation of a legalised online gambling environment in the United States remains stuck in committee, but author Representative Jim McDermott is pushing hard to get it marked up in time to get it to the House floor in this Congressional session.
The Internet Gambling Regulation and Tax Enforcement Act of 2010 is an important companion bill to Congressman Barney’s Frank’s HR2267 seeking to legalise online gambling in the United States.
It deals with the issue of taxing – and how to use those tax revenues – a legalised internet gambling market, which independent estimates predict will garner billions of dollars for government coffers over the next decade.
HR2267 has been debated, amended and voted forward from the House Financial Services Committee, but needs the support of an allied tax bill such as McDermott’s.
However, McDermott’s bill remains mired in the House Ways and Means Committee, bogged down by a slew of other legislative projects, and time is running out as distracted politicians eye the October break for campaigning in mid-term elections in November, and the closing months of the current Congress.
This week the National Journal reported that McDermott is pushing the Ways and Means chairman, Sander Levin, hard for a mark up on his bill in the hope that he can get it to the floor. It’s an issue that will be closely watched by the industry.

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